Vitacost.com Announces Appointment of New Independent Director
25 3월 2014 - 5:05AM
Vitacost.com, Inc. (Nasdaq:VITC), a leading online retailer of
healthy living products, today announced that it has entered into a
nomination and standstill agreement with John H. Lewis, Osmium
Partners, LLC, and certain related entities (collectively "Osmium")
pursuant to which Vitacost agreed to nominate and appoint an
independent director designated by Osmium to its Board of
Directors. Therefore, on March 21, 2014, the Company appointed
Michael J. McConnell to its Board of Directors, effective
immediately.
Mr. McConnell has more than 25 years of combined experience in
finance, strategy, investing, and corporate governance and was most
recently Chief Executive Officer of Collectors Universe
(Nasdaq:CLCT) from 2009 to 2012. From 1998 to 2008, Mr. McConnell
was a Managing Director and a member of the Executive Committee of
Shamrock Capital Advisors, Inc., a manager of private equity, real
estate and direct investment funds. In addition, Mr. McConnell has
held various positions at PepsiCo, Merrill Lynch and Kidder
Peabody. Mr. McConnell has extensive experience in corporate
governance and currently serves as a non-executive director of
Redflex Holdings Limited, a public company listed on the Australian
Securities Exchange. He previously was a Director of Collectors
Universe from 2007 to 2013 and has served on the board of directors
of PaperlinX Limited, Ansell Limited, Nuplex Industries, Force
Corporation, iPass, Inc., Port-link International, MRV
Communications, Cosmoline Limited and Neo Technology Ventures. Mr.
McConnell holds an MBA from the Darden School of the University of
Virginia and a BA in Economics from Harvard University.
"Our Board thoroughly vetted Mr. McConnell and we believe he
will bring a valuable perspective to Vitacost's Board of
Directors," commented Jeffrey Horowitz, Chief Executive Officer of
Vitacost.com. "I look forward to working constructively with the
Board to create value for all stockholders," added Mr.
McConnell.
"We are pleased to have reached an agreement with Vitacost and
have Michael McConnell join the Board of Directors," stated John
Lewis, Managing Partner of Osmium Partners, LLC. "We believe Mr.
McConnell's skills and experiences will prove a valuable asset to
the Board as it is currently evaluating strategic alternatives in
order to enhance stockholder value."
About Vitacost.com, Inc.
Vitacost.com, Inc. (Nasdaq:VITC) is a leading online retailer of
healthy living products, including dietary supplements such as
vitamins, minerals, herbs and other botanicals, amino acids and
metabolites, as well as cosmetics, organic body and personal care
products, pet products, sports nutrition and health foods.
Vitacost.com, Inc. sells these products directly to consumers
through its website, www.vitacost.com. Vitacost.com, Inc. strives
to offer its customers the broadest selection of healthy living
products, while providing superior customer service and timely and
accurate delivery.
About Osmium Partners
Osmium Partners is a strategic, long-term oriented, value fund
based in Greenbrae, California. Its process is based on eight
simple factors involving balance sheet strength, aligned interests,
attractive reinvestment opportunities, a low valuation, and
reasonable growth. Its main circle of competence over the past 11
years has been public market value realization of undervalued,
small capitalization companies in the US equity markets.
Forward Looking Statements
Except for historical information contained herein, the
statements in this release are forward-looking and made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements made herein, which
include statements regarding the Company's evaluation of strategic
alternatives and efforts to maximize stockholder value, involve
known and unknown risks and uncertainties, which may cause the
Company's actual results in current or future periods to differ
materially from those anticipated or projected herein. These risks
are described in the Company's filings with the Securities and
Exchange Commission, including the Company's Form 10-K for the full
year ended December 31, 2013 and in the Company's subsequent
filings with the Securities and Exchange Commission made prior to
or after the date hereof.
CONTACT: Investor Contact:
Vitacost.com
Kathleen Reed
Director of Investor Relations
561.982.4180 #2292
Kathleen.reed@vitacost.com
ICR, Inc.
Katie Turner
Managing Director
646.277.1228
Katie.turner@icrinc.com
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